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SFC HongKong | Regulatory Authority Introduces New Rules for Cryptocurrencies

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SFC HongKong | Regulatory Authority Introduces New Rules for Cryptocurrencies

The Hong Kong Financial Services Authority, the Securities and Futures Commission (SFC), will release new rules on bitcoin and cryptocurrency exchange today. The message Reuters sent on 6 November was announced by Ashley Alder, CEO, at a local fintech event.

Clarity of regulations for Hong Kong-based crypto exchanges

The new requirements describe in detail how the exchange of information about custody, compliance with provisions such as “know your customer” and “anti-money laundering” takes place among other things.

“The framework enables SFC to regulate virtual asset trading platforms, an important development that builds on a path I outlined at the same time last year,” said Alder.

Cointelegraph reported that in November 2018, the SFC set guidelines for crypto funds and exchanges for the first time. Now, a year later, the regulator is pushing this work forward, Alder said Wednesday at the conference.

Huobi could become the first licensed exchange in HK

Private investor Dovey Wan commented on the news that this was a big deal for the entire cryptocurrency industry. She points out that Huobi in particular may already be on the way to becoming Hong Kong’s first licensed stock exchange.

“WOW that’s GREAT,” Wan wrote. “Hong Kong SEC will provide details on the criteria for applying crypto currency exchange in about an hour.”

“Given that Huobi is already a backdoor member of HKex, it will definitely be a big favor for her to be the first legalized Chinese crypto exchange.”

In early March of this year, the SFC also released policies for security token offers. The agency stated that under the Hong Kong Securities and Futures Regulation, securities are “likely to be securities” and therefore fall under applicable securities laws.

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